International Journal of Learning and Intellectual Capital (6 papers in press)
Determinants of intellectual capital disclosure in the IPOs and its impact on underpricing: evidence from Indonesia
by Wahyu Widarjo, Bandi
Abstract: We investigate the determinants of intellectual capital (IC) disclosure in the prospectus of initial public offering (IPO). Going deeper, we also examine the impact of IC disclosure on underpricing. By studying 86 IPOs of Indonesian firms over the period of 2000-2014, we do find that ownership retention and underwriting portion have a positive effect on the extent to which IC is disclosed. Moreover, our results reveal that IC disclosure is negatively correlated with the level of underpricing. In addition, evidence is also found that IC disclosure mediates the link between underwriting portion and underpricing.
Keywords: Initial public offerings; intellectual capital disclosure; managing underwriter; ownership retention; underpricing.
Intellectual capital and organisational performance in Malaysian knowledge-intensive SMEs
by Muhammad Khalique, Nick Bontis, Jamal Abdul Nassir Bin Shaari, Mohd Rafi Yaacob, Rohana Ngah
Abstract: This study was designed to test and validate the integrated intellectual capital model by examining the relationship between intellectual capital and organisational performance of small and medium enterprises (SMEs) operating in the electrical and electronics manufacturing sectors in Malaysia. Data was collected through a validated survey instrument administered on a sample of 237 respondents from targeted SMEs. Cronbach's alpha and confirmatory factor analysis were used to examine the reliability and validity of the research instrument. Structural equation modelling was used to test the proposed research hypotheses. The results demonstrate that human capital, customer capital, structural capital, social capital, technological capital and spiritual capital are crucial components of intellectual capital and all link to organisational performance. Although there are limitations to measuring intellectual capital quantitatively, this study provides further insight into the relationship between intellectual capital and organisational performance within a developing nation. The limitations of the study include a limited scope of generalisability.
Keywords: customer capital; human capital; integrated intellectual capital model; Malaysia; organisational performance; SMEs; social capital; spiritual capital; structural capital; technological capital.
The role of social capital in job burnout rate among physical education teachers of Mashhad
by Ahmad Mahmoudi, Elika Saghafi, Hossein Abdolmaleki
Abstract: The aim of the present research was to investigate the role of social capital in job burnout rate among physical education teachers. The population of the research consisted of all the physical education teachers in the three main educational levels in Mashhad (N = 1200) among whom, using Morgan Table, 291 people were selected through cluster random sampling. For data collection, personal profile questionnaire, Maslach job burnout questionnaire (2001) and Khodadad Kashi's (2010) social capital questionnaire were used. The validity of these instruments was confirmed by previous studies, and their reliability was assessed by Cronbach Alpha Coefficient (0.81 and 0.85, respectively). Descriptive (mean, standard deviation, etc.) and inferential (Kolmogorov-Smirnov, Pearson's correlation, Spearman correlation and multiple linear regression) analyses were undergone to analyse the data (P ≤ 0.05). Spearman's correlation coefficient demonstrated that there was a negative significant relationship between social capital and teachers' demographic features only for experience (P ≤ 0.001, r = -0.451); Pearson's correlation coefficient also demonstrated that organisational participation and organisational trust are more eligible predictors in decreasing of job burnout rate among physical education teachers in Mashhad (β = -0.412, t = -3.843). Enhancing social capital, particularly the organisational participation of the physical education teachers, is an effective way in shrinking job burnout among physical education teachers.
Keywords: job burnout; organisational participation; physical education teachers; social capital; trust.
Identification of intellectual capital (IC) within micro-, small- and medium-sized enterprises (MSMEs): a case study of Cibuntu Tofu Industrial Center in Bandung, Indonesia
by Ratri Wahyuningtyas, Yuhana Astuti, Grisna Anggadwita
Abstract: As the ASEAN Economic Community's (AEC) inception has promoted and continues to promote deeper regional integration competition. Indonesia, as an AEC member enjoying significant commercial potential, represents a prospective marketplace for other ASEAN countries. Commercial competition between micro-, small- and medium-sized enterprises (MSMEs) is increasingly fierce because they constitute one of the business sectors that significantly enhance Indonesia's internal economic growth. Thus, MSMEs within the country must exploit their potential more fully by, among other things, improving their intellectual capital (IC) in order to prove competitive. IC is one means of achieving a knowledge-based economy. This study aims to identify the existing conditions of IC in the Cibuntu Tofu Industrial Center of Bandung, one of the leading players in the Indonesian MSME sector. Those conditions will be the basis of IC model design, one of the means of creating competitive advantage. The research methodology presented here consists of several components. The data used in this study is primary in nature, being collected through semi-structured interviews with various respondents. The data analysis technique employed the intellectual capital statement as a tool to describe and evaluate IC using quantitative, qualitative and systematic assessment and impact factors, with the results of the analysis expressed in the IC management portfolio. These showed that there were 15 IC factors in the Cibuntu Tofu Industrial Center. This study's results indicated that the company's human capital component falls within quadrant two (stabilise), structural capital within quadrant four (analyse), and relational capital within quadrant two (stabilise).
Keywords: AEC; intellectual capital; intellectual capital statement; MSMEs; portfolio management; QQS.
Retention of old-aged human capital in the Thai automotive industry
by Pornrat Sadangharn, Jamnean Joungtrakul
Abstract: With increasing life expectancy and ageing societies, the employment of the elderly and the human capital that they represent increases in relevance. This research will address this issue by studying the value of old-aged human capital and the possibility of old-age employment in the Thai automotive industry. A mixed-methods research methodology was utilised by employing sequential exploratory strategies. Starting from a qualitative approach, 32 key informants were interviewed in-depth and it was found that old-aged employees, with a high level of experiences, high competency and tacit knowledge, are valued human capital in organisations, and employing these old-aged is possible on the basis of job matching between old-aged employees and employers. The reason for encouraging this employment is mainly the potential of the old-aged workforce itself. In the quantitative part of this paper, these findings are confirmed by the opinions of a total of 308 old-aged employees and human resource managers. Therefore, retention of old-aged human capital is suggested.
Keywords: automotive industry; human capital; mixed-methods research; old-age employment; old-aged employees; retention.
Intellectual property as a key driver of business performance: the case of Singapore and its implications for innovation in a knowledge-based economy
by Mariza Tsakalerou
Abstract: While the importance of intellectual capital (IC) for organisational value varies across the enterprise continuum, it is commonly accepted that IC has a generally positive effect on firm performance. It has been observed in the literature that certain variables such as the industry sector and the level of economic development play an important mediating role on the effects of IC on firm performance. It is thus accepted that conditions of the environment in which a firm operates may have a tempering effect on the significance of IC for its performance. One of the most important external factors for organisational value is the level of intellectual property (IP) rights protection granted to patents, copyright, trademarks, etc., in its operating environment. The case of Singapore is a specific example of a country where the emergence of a strong IP rights protection environment coincided with the tremendous development of the country. But since Singapore was already one of the top locations in the world for ease of doing business, the question remains whether its innovation ecosystem evolved because of the IP rights protection advance. The objective of this paper is thus to examine the degree to which an IP rights protection system fosters an environment in which IC can be of significance for firm performance. Preliminary second-level analysis of the aggregate results of a meta-study of the relevant bibliography (2003-2013) demonstrates that the significance of IC is severely undermined for manufacturing firms that operate in environments with weak IP rights protection.
Keywords: innovation ecosystem; intellectual capital; intellectual property rights; Singapore.